Investor hopes for three-fold ‘flip’ on Davis Park East

Biz thought the days of the “flip” in commercial real estate were over – at least for now. But a Florida real estate group is shooting for the moon and hoping to more than triple its investment of $6.9 million.

No less than seven months after Schrimsher Commercial Inc. of Orlando bought the 93-acre Davis Park East property that backs up to the eastern boundary of Research Triangle Park, the company is shopping it for $21 million.

So why does the company think it’s become so valuable? According to marketing materials being circulated by Frank Quinn of Colliers International, the Raleigh real estate firm representing Schrimsher, the land is primed for multifamily development.

And, as you know, apartments are the flavor of the moment in commercial real estate.

Solar, solar, solar everywhere. Or at least so it seems.

Within the past couple of weeks, construction has started on three major solar energy system projects, including a 500-kilowatt system on the roof of the Raleigh Convention Center. The city has leased rooftop space to FLS Energy and PowerWorks, which are financing, engineering, building and operating the solar system. FLS and PowerWorks plans to sell the electricity generated from the array to Progress Energy.

Sun Energy Developments has started construction of a 21,000-square-foot, $7 million solar array on top of the First Citizens Bank data center building on East Tryon Road in south Raleigh, according to a building permit application filed with the county.

And Baker Roofing Co. has started construction of a 75,000-square-foot solar array farm in the shadow of Capitol Broadcasting Co.’s 2,000-foot transmitting tower between Garner and Clayton. The building permit estimates the project will cost $3.8 million.

Raleigh entrepreneur Natasha Adams has purchased the Raleigh franchise of Fresh Healthy Vending, a vending-machine company that stocks its machines with soy milk, yogurt fresh fruits, vegetables and the like.

What? No Doritos?

Alas. At least seven office facilities in Raleigh and in Chapel Hill already have the machines for their employees, clients and guests, including the Raleigh Municipal Building, Rex Wellness Center in Raleigh, Cary Dance Productions and Woods Charter School in Chapel Hill.

Fresh Healthy Vending is a franchise company based in San Diego that has more than 1,100 machines throughout the country.

The Job Creators Alliance, a national pro-business movement, has a lot of local backing, including Stephen Zelnak, retired Martin Marietta Materials CEO; Bob Luddy, founder and CEO of Captive-Aire; Art Pope, CEO of Variety Wholesalers; and Jim Anthony of Colliers International. And another may be on the way.

Biz hears that Frank Holding Jr., CEO of Raleigh’s First Citizens Bancshares, may be interested in joining up. Dallas, Texas-based JCA considers itself nonpartisan, and representatives say 14 CEOs in the Triangle area already have joined.

When the N.C. State University women’s basketball team takes on Wake Forest on Sunday, Feb. 12, more will be at stake than a win or a loss. All proceeds from the event, held annually and known as Hoops 4 Hope, will go to the Kay Yow Cancer Fund.

Tickets are $10 for adults, $5 for children, and the event will feature a halftime celebration with all cancer survivors invited to participate as Garner’s American Idol winner Scotty McCreery performs.

Saks Fifth Avenue is in a giving spirit this month. The fashionable retailer is giving 5 percent of all registered purchases made with a Saks credit card to charities in cities where it has stores.

Customers at Saks’ store at Triangle Town Center in Raleigh will be able to select the charity of their choice upon purchase of their item. Charities include Band Together N.C., American Heart Association, Frankie Lemmon School and Developmental Center and the North Carolina Theatre.

Saks Chairman and CEO Steve Sadove is all for giving back to local charities, stating: “We appreciate our customers’ charitable involvement and look forward to giving back locally with this exciting and newly implemented national program.”

The store will give back online as well. Five percent of sales made with a Saks Fifth Avenue card on the company website will be donated to St. Jude Children’s Research Hospital in Memphis, Tenn.

If Charlie Jones had his way, no one would go through his tunnel unless they were decked out in Carolina blue. Alas, over the years, he’s had to let folks wearing Wolfpack red, Terrapin red, white, black and gold and, argh, even Duke blue take the passage.

For 25 years, since the day the Smith Center opened at UNC-Chapel Hill, Jones has been the supervisor of the tunnel that connects the arena floor with the team dressing rooms. Now 73 years old, Jones on Feb. 8 witnessed his 27th Duke-Carolina game.

The rivalry is the best, Jones told The Daily Tar Heel, even revealing that he has ribbed some Dukies, including Coach K, saying they should put on a Carolina blue tie.

“They always say, ‘You gotta be kidding me,’” Jones says.

The Greater Raleigh Chamber of Commerce has partnered with internships.com to create a website where students looking for internships can find opportunities with local businesses.

“This partnership provides a new way to connect local businesses with qualified students,” says Harvey Schmitt, the chamber’s president and CEO. “It also helps provide students in Raleigh with the experience needed to launch their careers – and helps keep that local talent in the area.”

The charity arm of the state’s largest health insurer, Blue Cross & Blue Shield of North Carolina, wants to tell the story of philanthropists in a way that inspire others.

The foundation has set up a website to that end, giving it the appropriate URL www.inspirednc.org. The site has stories of good works done around the country as a way to honor those who do good and encourage others to follow suit.

The more you click, the more BCBSNC donates. Each time a story is plugged on Facebook or Twitter, the foundation will contribute $1 to a new fund. The foundation has set a goal of $100,000 in hopes of highlighting its stories 100,000 different times.

“We recognize that every day in towns and cities across the state, North Carolinians are rolling up their sleeves and making a difference in their communities and the state as a whole,” says Kathy Higgins, president of the BCBSNC Foundation. “We are in awe of the feats many of these organizations have accomplished – they’re committed to a bigger solution and are working tirelessly to succeed. They’ve inspired those closest to them, they’ve inspired us, and now we hope they will inspire others across our state.”

Drug development company BioDelivery Sciences has renewed its shelf offering of $40 million, meaning it could sell additional shares and raise up to that amount.

With a “shelf,” a publicly traded company will register shares, but hold them back (by putting them on a metaphorical shelf) from the public markets. Those shelved shares would expire in February, so BioDelivery is simply renewing that offering.

“Given the recent Endo deal, we don’t have any current plans to use (the shelf offering),” says company spokesman Al Medwar.